Raghuram Rajan believes only a handful of cryptocurrencies will survive the hype — over 400 tokens …

raghuram rajan believes only a handful of cryptocurrencies will survive the hype over 400 tokens have hit the dust in the last six months

Sumary of Raghuram Rajan believes only a handful of cryptocurrencies will survive the hype — over 400 tokens have hit the dust in the last six months:

  • The former governor of the Reserve Bank of India (RBI), Raghuram Rajan, believes that only a handful of cryptocurrencies will survive the crypto hype.
  • Aritra Sarkhel, the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider that it is a point of concern that there no laws on how and who can mint a new coin.
  • The former governor of India’s central bank, Raghuram Rajan, believes that only a handful of cryptocurrencies will survive in the long run.
  • In an interview with CNBC, he compared cryptocurrencies to chit funds — in the sense that they take money from people before going bust, leaving a line of disappointed investors in their wake.
  • Crypto may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved.
  • The lack of regulation leaves space for fraud Experts have often talked about the need of balancing innovation versus regulation when it comes to crypto space.
  • In a way, that’s good because that’s how innovation spreads, but there has to be some law.
  • All of this has investors money [at stake] — whether it’s a 20 year old investor putting in ₹1,000 or a massive hedge fund putting in millions,” Aritra Sarkhel the Direct of Public Policy at the Indian crypto exchange WazirX, told Business Insider during a discussion on regulation in India.

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